The price of Ether (ETH), the native currency of the Ethereum blockchain network, has once again risen above the $ 2,000 level. According to data obtained from Cointelegraph Markets and TradingView, in the first hours of April 2, the ETH / USD pair on the Binance exchange crossed the 2.010 level.
Ether, which last traded for over $ 2,000 on February 20, declined to around $ 1,290, then entered a recovery process. At the time of the news publication, the highest value of the Ether price, which was traded around $ 1,989, was observed as $ 20.42 on the Binance stock exchange.
4-hour chart (Binance) of the ETH / USDT pair. Source: TradingView
Seeing the $ 2,010 local peak as of April 2, ETH has been in an upward trend since March 25.
As can be seen in the graph, the 20-unit exponential and 50-unit simple moving averages, which were displaced on March 29, gave the first signal of the upward trend. Apart from the moving averages (MA), which are currently turning their direction completely up, the relative strength index (RSI), which exceeds 76, also reveals that the bulls are driving the price in the current period.
Where does the Ethereum price go?
Daily chart of the ETH / USDT pair (HitBTC). Source: TradingView
Buyers managed to increase the price above the symmetrical triangle model shown in the chart. The current goal of the ETH / USDT pair will be to retest the all-time high. If the bulls break this barrier as well, the pair could advance to $ 2,600 later.
The bears’ goal is to create a strong resistance at $ 2,040. If the price hits this resistance and falls down, the triangle’s resistance line will become important again. Staying between the top of the triangle and the $ 2,040 resistance makes it possible to try the record again.
If the opposite happens and falls below the upper line of the triangle, the price may enter the consolidation process for a few more days.
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